By the end of June, all 31 provinces across the country swiftly announced the basic pension adjustment plans for retirees in 2024. In accordance with the national unified deployment, the pension adjustments for this year will be fully credited by the end of July. How much exactly can the pension supplement cover?

How is the pension supplement calculated?

Regarding the adjustment of pensions, the implementation scope includes elderly individuals who retired before December 31, 2023, and receive their pensions on a monthly basis. The pension adjustment starts from January 2024, and since the pension adjustment begins in July, we refer to it as the pension supplement.

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New retirees since 2024 are not within the scope of the pension adjustment. They will use the pension calculation base for 2024 or the social average wage of the previous year to calculate their pensions. As both of these major factors will also increase, the treatment can maintain a certain balance.

The adjustment range for the pension in 2024 is determined with a cap of 3.0%. Generally speaking, the pension adjustment level in each province should be 3%. Each province, in conjunction with its actual situation, formulates the pension adjustment plan according to three methods: fixed amount adjustment, linkage adjustment, and appropriate inclination. The pension adjustment plans vary from province to province.

Generally, most provinces' pension adjustment plans tend to:

- Fixed amount adjustment standard, increasing the basic pension by 30 yuan per person per month. There will be some fluctuation in each province, with most provinces adjusting within a range of plus or minus five yuan.

- Linkage adjustment is divided into two parts: one based on the length of contribution period and the other based on the level of pension.

- Adjustment based on the contribution period is an increase of about 1.0 yuan in the basic pension for each year of contribution.Tied to the level of pension, it is an increase of about 1% based on the basic pension of the previous year's December.

The inclined adjustment part is an additional increase in pension for elderly people over the age of 70 and retired personnel in remote and arduous areas. The proportion is not high, and there is a significant difference among provinces, and many provinces do not have adjustments for remote and arduous areas.

For an elderly person with a pension of 4000 yuan, considering the fixed adjustment and linkage adjustment mentioned above, the increased pension amount is 30 yuan + 40 yuan + 40 yuan, which equals 110 yuan, and the growth ratio is 2.75%. If the pension difference for 7 months is made up by the end of July, it would be about 770 yuan.

However, the adjustment standards vary from province to province. Let's take a look at the following examples from several provinces:

① Beijing City, which is the most special example in the country. The fixed adjustment is 30 yuan; the adjustment based on the number of years of contribution is 2.4 yuan × 40 years = 96 yuan; since the pension level is below 6813 yuan, an additional 30 yuan will be added; linked to the pension level, an increase of 4000 yuan × 0.2% = 8 yuan. The total increase is 164 yuan, and the growth ratio is 4.1%. In this case, it is estimated that a supplementary payment of 1148 yuan (for 7 months) can be made.

② Shanghai City, which is one of the provinces with the highest fixed adjustment standards in 2024. The fixed increase is 61 yuan, the increase based on the number of years of contribution is 40 yuan, and the increase based on the pension level is 40 yuan, with a total increase of 141 yuan and a growth ratio of 3.525%. The amount of pension to be supplemented is 987 yuan (for 7 months).

③ Heilongjiang Province, which has a relatively low level of pension adjustment. The fixed adjustment standard is 25 yuan, the adjustment based on the number of years of contribution is 40 yuan, and the adjustment based on the pension level is 36.8 yuan, with a total increase of 101.2 yuan. The growth ratio in Heilongjiang Province is only 2.53%, and the supplementary payment for the difference for 7 months is 708.4 yuan.Chongqing City, the standard for fixed adjustment is 28 yuan, an increase of 1.6 yuan per year of contribution times 40 years equals 64 yuan, and an increase based on the pension level of 4000 yuan times 0.6% equals 24 yuan. The total increase is 116 yuan, with a growth ratio of 2.9%. The difference can be made up in 7 months with an amount of 818 yuan.

Overall, with the release of the pension adjustment plans from 31 provinces, for those with a 40-year work history and a pension of 4000 yuan, the pension difference that can be made up in July is generally above seven to eight hundred yuan, and it can reach over 1000 yuan for some. #Top Headline Challenge# #How much will the pension increase in 2024#